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I've had LeoWeb 2.5x installed for something approaching a year now and have
used it extensively for position trading. My biggest gripes with LeoWeb have
been 1) there is no notification when orders are rejected and 2) the system
is frequently inoperable due to claimed problems with CME exchange
interfaces/software/servers. LFG has been promising a new version for at
least six months now but they have not sent availability notices out to
current users and as of last check on web page it was still not available
for download, From what I've read on their web pages, while the new software
incorporates messaging capabilities, those capabilities have not yet been
included in their servers. The existing software does not provide real-time
account/order/margin status and from what I've read it does not look like
the new version does either. I am preparing to evaluate the newly released
LindConnect, which incorporates most of these features, for position
trading, however no experience yet.
Just because one enters/transmits orders electronically does not mean the
order process is electronic. Except for e-mini which is fully electronic,
LeoWeb (and most other electronic futures systems) routes orders to either
a) printers outside the pit where they are printed and flashed into the pits
or b) terminals in the pit where the orders are given to the brokers by
clerks (S&P, bonds, corn and a few others). As of the last time I checked,
all LeoWeb (and most other electronic futures systems) fills must be
manually entered into the system by clerks.
While I find LeoWeb barely adequate for position trading, I would not
recommend using LeoWeb for scalping anything. The TimberHill
(www.timberhill.com) system is the only system of which I am aware which
utilizes hand-helds in the S&P pits (several other pits as well) and which
bypasses the exchange systems entirely. It's the only electronic system I
found with acceptable execution and fill reporting speed day trading. You'll
have to open an account with an authorized reseller (broker) and pay the
requisite TH workstation software fees to trade the S&P. There are several
firms which offer browser-based front ends to the TH system, however this
adds another layer of servers and software. The TH system can also be used
to trade the e-mini via TH's Interactive Brokers subsidiary (absolutely
backup of any kind if system goes down and no phone calls accepted) or via a
number of independent brokers. In all cases, follow the various links for
further information.
Earl
----- Original Message -----
From: Rick Francis <Rcfran@xxxxxxxxxxxxx>
To: Omega List <omega-list@xxxxxxxxxx>
Sent: Thursday, May 13, 1999 10:38 AM
Subject: LFG and LeoWeb 3.01
> Anyone have any experience with fill quality and execution speed for the
> S&P 500 using
> LeoWeb 3.01 through LFG,llc.??
>
> All comments welcomed...
>
>
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